what is it going to look like and what is it going to do to the economy? >> i think they're going to be, we are in a period of retrenchment at the state and local and federal level. the government is shrinking. had revenues are low. every pressure is going in that way. i think it probably will not end up looking like this just automatic across the board cuts. but you're likely to have at the least very hard freezes on all forms of spending and nominal doct dollars. so nobody can spend more than they spent in the last year, even if there weren't inflation. >> greg? >> i would add ironically the budget deficit is falling. certainly as a percentage of gdp and we'll get on tuesday, i think, from the congressional budget office new budget figures that show, in fact, that the deficit is dropping and dropping pretty significantly. >> guys, one last question to each of you. you have been watching the markets for so long. we have near records for stocks. gdp that shrank, jobs growth that is okay. why is the market so excited about what's happening either corporate